Over 200 Companies Release Annual Reports with Dividend Plans; Industry Leaders Generously Distribute Cash

Securities Times Reporter Liu Junling

A-shares’ 2025 annual reports are densely releasing cash dividends, with listed companies steadily increasing their shareholder returns. According to Securities Times Data Treasure, as of the close on March 24, 224 companies have announced their annual dividend plans, totaling 171.068 billion yuan in cash dividends, with 27 companies distributing more than 1 billion yuan.

5 Leading Companies Distribute Over 10 Billion Yuan in Annual Dividends

Data shows that the top of the dividend list exhibits a significant leading effect. Among the 27 companies distributing over 1 billion yuan, five industry leaders—CATL, Sinopec, Industrial Fulian, CITIC Bank, and others—have surpassed 100 billion yuan.

CATL has the highest total dividend, planning to pay all shareholders 69.57 yuan (tax included) in cash dividends per 10 shares, totaling 31.532 billion yuan, the highest dividend record since the company’s listing. The company’s 2025 performance continues to grow strongly, with operating revenue reaching 423.702 billion yuan, up 17.04% year-over-year, and net profit attributable to shareholders of 72.201 billion yuan, up 42.28%.

Sinopec follows closely, with a cash dividend of 0.112 yuan (tax included) per share, totaling 13.544 billion yuan (tax included). The annual report shows that due to sharp declines in international crude oil prices and sluggish chemical market gross margins, the company’s performance has decreased significantly year-over-year. However, cash flow from operating activities remains ample, and financial health stays stable. The total cash dividends paid per share are 0.2 yuan, and after combining with share repurchases, the annual profit distribution ratio reaches 81%.

In terms of market performance, since March, companies that have announced dividend plans have generally seen their stock prices decline, with an average drop of 10.37%. However, companies with large dividends over 1 billion yuan have been relatively resilient, with 27 such companies experiencing an average stock price decline of 5.77%. Baofeng Energy, CATL, CITIC Bank, and Satellite Chemical have all gained more than 10% in total.

19 Large Dividend Companies See Growth in Net Profit Attributable to Parent

Among the 27 companies distributing over 1 billion yuan, 19 have achieved year-over-year growth in net profit attributable to parent, accounting for over 70%. High-growth listed companies tend to show a stronger willingness to distribute dividends.

Shenghong Technology achieved the highest growth, with net profit attributable to parent reaching 4.312 billion yuan in 2025, up 273.52% year-over-year, and planning to distribute 1.74 billion yuan in cash dividends. The company’s annual report states that it has seized the historic opportunity of AI computing power technology innovation and data center upgrades, continuously consolidating its technological leadership in the global PCB manufacturing industry. Its overseas business performed strongly, with direct export revenue of 14.821 billion yuan, a 126.88% increase year-over-year.

WuXi AppTec’s growth was also notable, with net profit attributable to parent reaching 19.151 billion yuan, up 102.65%. The company’s annual report indicates that its performance is closely related to the development of the global pharmaceutical industry and investment in new drug R&D. Driven by the booming global pharmaceutical market, the company’s main business has broad growth prospects, and the demand for pharmaceutical R&D services is expected to continue increasing.

More Than 40 Companies in the Electronic Industry Distribute Dividends

From an industry perspective, listed companies that have announced annual dividend plans are mainly concentrated in six sectors: electronics, pharmaceuticals and biology, electrical equipment, basic chemicals, machinery, and non-ferrous metals. Each of these sectors has more than 10 companies, with electronics leading at 42 companies, followed by pharmaceuticals and biology with 25.

Within the electronics sector, semiconductor companies are the most active in distributing dividends, with 20 semiconductor companies having announced dividend plans, totaling 2.05 billion yuan in dividends. In recent years, the semiconductor industry has experienced rapid growth. According to the U.S. Semiconductor Industry Association, global semiconductor sales in January 2026 reached $82.54 billion, a new high, up 3.65% month-over-month, marking 11 consecutive months of growth.

Among semiconductor companies, Cambrian has the highest total cash dividend, reaching 632 million yuan, and plans to issue 4.9 new shares for every 10 shares held. The company achieved profitability for the full year for the first time in 2025, with its A-shares removing the “U” special label and releasing a dividend plan for the first time. The company states that thanks to significant progress in AI chip products, basic software platforms, and cluster software tools, its products have been deployed at scale in key industries such as telecom, finance, and internet, passing rigorous customer environment tests, and gaining broad recognition for their versatility, stability, and ease of use.

CITIC Construction Investment’s research report suggests that the semiconductor equipment and component sector is currently under a dual trend of independent controllability: on one hand, AI-driven capacity expansion cycles are opening, with domestic demand for independent and controllable equipment increasing, and the localization of equipment components expanding; on the other hand, the overall localization rate of key components remains low, and high-end product substitution is still in early stages.